The Phrase "Ordinary and Necessary" Means That an Expense Must

question 92

True/False

The phrase "ordinary and necessary" means that an expense must be appropriate and helpful for generating a profit.

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Definitions:

Obsessive-Compulsive Disorder

A mental disorder characterized by obsessions (intrusive thoughts) and compulsions (repeated behaviors) that aims to relieve anxiety.

Bipolar Disorder

A mental health condition characterized by extreme mood swings, including emotional highs (mania or hypomania) and lows (depression).

Clinical Psychologist

A professional specializing in diagnosing and treating mental illness, emotional disturbances, and dysfunctional behavior through psychotherapy and behavioral interventions.

Depression

A common and serious mood disorder that negatively affects how you feel, think, and handle daily activities, characterized by persistent sadness and loss of interest.